pakistan-government-to-divest-15-stake-in-oil-and-gas-explorer

Pakistan government to divest 15% stake in oil and gas explorer

Scarcity of Pakistan paper should underpin demand for the GDS issue, which could raise up to $1.4 billion, but valuation may deter some.
November 13, 2006
The government of Pakistan will begin the sale of up to 15% of Oil and Gas Development OGDC to international and domestic investors this week, reducing its current 95% stake in the company, the countryÆs Privatisation Commission said yesterday.

Based on the share price in the domestic markets, the offer is expected to raise up to $1.4 billion for the government, bankers estimate.

The share price has come down slightly from a high of around PKR156 at the end of October to a level around PKR136, which should make PakistanÆs largest exploration and production company more attractive for international investors. At its highs, OGDC was valued at a premium to some of its...
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